- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 8/20/17 at 11:20 pm to AcetylCoA
Crack
Posted on 8/21/17 at 6:00 am to AcetylCoA
I am a white male. I took my stepson to a black barber one time and my wife damn near killed me. They did a number on his head. One of them things we still laugh about today. Did I mention we are both white?
Also, money doesn't know what color your skin is. You seem to be on the right track. Best of luck to you!
Also, money doesn't know what color your skin is. You seem to be on the right track. Best of luck to you!
Posted on 8/21/17 at 8:08 am to AcetylCoA
quote:
young black male
quote:
We are both Black
quote:
My credit score is 749 with a 2 year history.
quote:
Her credit score is 724
First, make sure you are logging into the Black MyFICO portal, because you know, white people have a different credit scoring model than black people. I'm not sure how the credit bureaus know the race of a person, because it is not reported on one's credit file, but these people are good at their job.
Second, make sure you have enough emergency cash on hand. Actual cash. I personally recommend $1K to $2K.
And before we go any further, total up all of your living expenses. And once you have, ensure that you have 6 months worth of living expenses stocked away in a money market or savings account. Be liquid, in case you need access to it quickly.
You're not looking to make any real interest of these two suggestions I have given to you. Do these two steps before you look into any long term investment options.
Finally, race does not matter unless you make it matter.
This post was edited on 8/21/17 at 8:09 am
Posted on 8/21/17 at 9:32 am to AcetylCoA
I am a young white male and had Mexican food last night while watching Game of Thrones. Take it FWIW
Posted on 8/21/17 at 10:10 am to Will Cover
quote:
GFunk
Thanks for linking those courses. It is awesome that free courses are offered in Finances and Money Management.
quote:
Will Cover
Thank you for post. Sorry for posting my race I see that it was a terrible idea that derailed the thread.
We will definitely total up or living expenses for the next six months. I never heard of a money market before your post so I will do research and learn. Thanks.
Posted on 8/21/17 at 10:10 am to AcetylCoA
Can you afford a duplex or small quadplex? You're renting; you could BE the landlord. Consider investing in rental property that you can also occupy (if you plan to stay in that area).
Posted on 8/21/17 at 10:20 am to Will Cover
quote:
Second, make sure you have enough emergency cash on hand. Actual cash. I personally recommend $1K to $2K.
I don't see the point in this at all. It may take a day or two to access your emergency fund, but I assume everyone keep money in their Bank accounts. There's no different between that and cash except cash is easier to steal/is less secure. Plus if you really get in a cash bind you can use a credit card.
Posted on 8/21/17 at 10:31 am to hungryone
quote:
Can you afford a duplex or small quadplex? You're renting; you could BE the landlord. Consider investing in rental property that you can also occupy (if you plan to stay in that area).
I don't think we can afford anything here. We were told that we needed 20% of the asking price.
Posted on 8/21/17 at 10:40 am to AcetylCoA
The board usually recommends 20% down because it eliminates PMI (mortgage insurance) which adds 100-200 a month to your note.
As a first time homebuyer you can put less than 20% down and buy a house.
One reason everyone suggests purchasing a duplex or triple or 4 pled is because although it costs more you can potentially live in it for free or at a much reduced rate.
As a first time homebuyer you can put less than 20% down and buy a house.
One reason everyone suggests purchasing a duplex or triple or 4 pled is because although it costs more you can potentially live in it for free or at a much reduced rate.
Posted on 8/21/17 at 10:48 am to AcetylCoA
Posted on 8/21/17 at 11:30 am to AcetylCoA
quote:
AcetylCoA
What field are you in exactly, and how old are you? How long out of college?
Posted on 8/21/17 at 11:34 am to eng08
Thanks. That clears a lot of things up. That takes a ton of anxiety away knowing that we won't need 20%.
Posted on 8/21/17 at 12:07 pm to AcetylCoA
quote:
That takes a ton of anxiety away knowing that we won't need 20%.
You typically need 5% for a conventional mortgage.
Posted on 8/21/17 at 12:23 pm to AcetylCoA
I looked at multi family units in your area and they are all jumbo mortgages so you may be required to put more down.
Posted on 8/21/17 at 2:24 pm to AcetylCoA
Also your cap before you hit the jumbo market is $636,150ish where you live 
My wife and are in a similar situation and are using our money to put down 5% and closing costs
ETA: We plan on buying a home with an English basement we can rent out
My wife and are in a similar situation and are using our money to put down 5% and closing costs
ETA: We plan on buying a home with an English basement we can rent out
This post was edited on 8/21/17 at 2:25 pm
Posted on 8/21/17 at 3:31 pm to BACONisMEATcandy
quote:
Epic Cajun
quote:
Eng08
quote:
Also your cap before you hit the jumbo market is $636,150ish where you live
I never heard of Jumbo market before reading you guys post.There isn't much in Pasadena that can be bought for 635k. ThankYou very much for those details.
Posted on 8/21/17 at 4:29 pm to AcetylCoA
quote:
Black people are a different type of clueless when it comes to finances.
Don't you think you're over-generalizing? Doing less of that will probably help make you a better investor.
Since you're into property, I suggest The Dhando Investor. Cliffs: embrace an investment strategy of heads, I win. Tails, I don't lose much.
For other investments (and other life decisions), give Nassim Taleb's Fooled By Randomness a read. Cliffs: don't overestimate causality and be aware of survivorship bias.
Posted on 8/21/17 at 4:37 pm to 21JumpStreet
quote:
Put it all in Bitcoins!
Terrible advice.
He should put it in Ethereum or Neo.
This post was edited on 8/21/17 at 4:38 pm
Page 2 of 3
Back to top
Follow TigerDroppings for LSU Football News